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>> hi, everyone. welcome to the "journal" coming to you live from dw in berlin. the u.s. president defies a fragile economy and high unemployment to win the election, telling the american people the best is yet to come. >> appeals from angela merkel to her european partners -- an end to the eurozone debt crisis will require more unity. >> and a parliamentary vote on another round of austerity cuts in greece. >> thanks for joining us. barack obama has won his second term in office as president of the united states, but his celebrations will be short-lived as the multitude of urgent issues on his desk draws him back to work without delay. >> the first order of business will be to negotiate a new budget deal in congress by the end of the year. otherwise, and harsh plan of spending cuts and tax increases are due to go into effect. we will hear more about that later on in the show, but first, a look back at how things play out on election night in the u.s. >> his face said it all -- president barack obama had to fight hard to keep his job in a tough race against his republican challenge
the if stuff here on on "worldwide exchange." >> but there are two of us. you're back. >> i'm back here. eyes are getting better. >> glasses are gone. >>> so on today's program, we'll bring you live updates from beijing as the chinese economy shows signs of improve. >>> and we'll head out to washington for a view on how the handover of power in china will impact relations in the u.s. >> we're in london to talk about shipping trends. >>> plus what will obama do about the looming fiscal cliff? we'll have plenty of analysis from commentators. >> and we'll hear first from the cfo of aliance. but first day two data suggested growth is picking up and inflation is moderating meaning beijing may have more scope to ease if necessary. ppi industrial output and retail sales all came in better than forecast. eunice joins us from beijing. i'd hate to suggest this is quite good timing for this data. very convenient. >> what are you suggesting? a lot of people are saying that the numbers are showing the economy is bottoming out and a lot of people do use the numbers as a guideline at least. they're saying t
under way across the u.s. as americans decide who will lead the country for the next four years. after vigorous campaigning right to the last minute and aggressive advertising that made it the most expensive campaign of all time, president barack obama and his challenger mitt romney both into the election day confident of victory. >> but most election polls say the race for the white house is too close to call, meaning the result will be decided in a small number of so-called swing states by florida, ohio, virginia, and new hampshire, which was the first to vote on the stroke of midnight. >> voting began early in this part of new hampshire. the first ballot such traditionally cast here at midnight, and after the first 10 were tallied, it was a drop -- draw. >> for president -- this has never happened before -- we have a tie. five votes each. >> of voting in dick's bill has never been a gauge for the rest of the nation, but this year, polls show the race is a dead heat -- voting in dixville has never been engaged for the rest of the nation. >> after all the months of campaigning, after
speeches, fund-raisers, they're all over. now comes down to u.s. voters. more than 120 million are expected to show up at the polls. >> and european investors are holding off on big moves. equities just edging higher led by technology stocks. >> and adecco sees hiring picking up in america. >>> we're finally here, election day in the united states. before that, we have the latest pmis out of the eurozone. economy declined steepening going into the fourth quarter. the final services pmi lower than the flash. it was 46.2 was the flash. lowest since july 2009. that means the composite final pmi 45.7. the flash 45.8. french services pmi weakened, also. 46.2. so both those major parts of the eurozone economy -- >> and remember, this is a leading indicator. if you see europe doing any better next year, you have to start seeing at least this indicator bottoming. >> dollar just dipped down to its lowest point of the session on the back of that. and of course we've got in spain they're talking about the groth being much weaker than the government's forecast. >> even though their service might have b
>>> dememracy in america. voters in the u.s. decide who they think should lead the country. one man has spent the past four years reshaping how americans see their country and how america is seen around the world. u.s. president barack obama took the wheel of an economy that resisted efforts to write it. now voters are deciding whether to stick with him or whether his republican opponent mitt romney deserves the job. eyewitness news line will focus all day on the race for president. >>> millions of americans are still voting. millions are already making their choices and already we're getting some hints about who they chose. our partners at abc news project barack obama will capture 3 electoral votes and mitt romney 33. >>> let's take a look at the projections state by state. the states in blue are for obama. the runs in red for romney. romney in south carolina, indiana, and kentucky. the projections give obama 3 electoral votes and they hope the number adds up to 270 or more needed to win the election. obama and the first lady arrived at home in chicago. the president wrapped hip h
's shift to democracy in a first ever trip by a serving u.s. president to the country. but he cautions that his trip should not be seen as an endorsement of the country's sgoechlt. and oil futures hitting a two week high as international pressure mounts for a cease-fire in gaza. u.n. secretary general ban ki-moon is heading to cairo for emergency negotiations. good morning, welcome to the program packed full of fantastic guests to give you you updates and analysis on where we are in trade. if europe, higher by 0.8%. coming off the 3 1/2 month low that we saw in the close on friday, helped along by optimism on the negotiations to avoid a fiscal cliff state side. we saw quite a rally in the u.s. on friday's close and that is feeding through to europe here this morning. ftse 100 higher by 09%, xetra dax by more than 1% and ibex 35 more than half a percentage point. the bond markets, the question is whether or not we'll see a lid on on bond prices on treasuries especially if we manage to overt a fiscal cliff scenario, if we see productive talks continuing. right now we're seeing the yield
, so whether the u.s. down there or italy and spain here in the periphery, 4.7%, 6%, remarkable there, level for spain even today as the country's banks are being more fully examined in light of the national examination plans. the dollar/yen pulling back about half a percent to 8167. let's get to deirdre bolton from singapore. hi, deirdre. >> hi, kelly, how are you? and it's morris, by the way. but i'm flattered that you call me bolton. in china and hong kong, it was all about, what else, the fiscal cliff. those comments from the senate majority leader harry reid overnight really sparked some jitters in this session today, so we have red across the board. the shanghai composite, it is well and truly below that 2011 level, shedding another .9 of a percent. the hang seng was feeling some of that pressure from chinese stocks and shedding .6 of a percent. it was the mainland banks that were the culprit. they didn't fare as badly if the mainland. some capital requirement rules are going to be implemented that are raising concerns about loans and the ability of these major banks to give out
>>> welcome to worldwide exchange. here are your headlines. the final set of numbers on the u.s. jobs market before the election are out in just a few hours forecasts calling for another month of modest but not stellar payroll growth. >> dow, nasdaq post strongest session since mid september. >> the rising cost of sandy, one major risk modeling firm now says the economic losses from the storm could reach $50 billion. >> and china steps insecurity ahead of next week's com you uhe nis party congress. even model airplanes have been grounded. if you're just joining us, very good morning to you. this is where we stand. we are at the moment dow 24 points below fair value. let's show you where we is an with you're feuropean stocks. cac down half a percent, ftse 100 down 0.2%. let's show you some individual stocks in focus. losses on friday hurt by a sector wide slump. equipment maker cutting back spending down as you can see merely 7%. rbs coming out with results this morning. this is the uk bank with a government owned majority and part nationalized lending reporting an increase in th
to u.s. leaders negotiating over the so- called fiscal cliff about the serious financial impact looming on the horizon. that's where we begin this morning. how confident are you about the state of the u.s. economy? what steps are you taking to prepare for the potential impact if the u.s. goes off the fiscal cliff? give us a call this morning. you can also catch up with us on all your favorite social media sites, twitter or facebook. or e-mail us. thismorning to you on wednesday, november 21. we are talking about federal reserve chairman ben bernanke's comments yesterday about the fiscal cliff, and getting your thoughts on bthe u.s. economy. and this headline -- also, in the financial times -- to tell little bit more about ben bernanke's , and sister day we turn to david clarke of "politico," their financial services editor. thanks for joining us. guest: thanks for having me. host: what is making the most waves from his speech? guest: in the past he has warned that congress and the president's path to take care of the fiscal cliff. yesterday he said it is not simply doing it but how they
general and their women woes. a scandal among the u.s. top brass claims a second scamp amid growing concerns of a security breach. first, the c.i.a. boss general petraeus quits over an affair. now, john allen, email ex changes connected to the scandal. >> also in the program, we report from golden heights where tension is rising after israel and syria exchange fire across their border. in china, it's all change at the top. we have a special report on how the next generation is determined to tread its own path. >> i would like to be a software engineer. >> so you don't want to do the sort of things that your parents did? >> never. >> hello, it's midday here in london, 7:00 in the morning in washington. there's been a new twist to the sex scandal engulfing the american military top brass there. on friday, general david petraeus resigned as boss of the c.i.a. after it was revealed that he had been having an extra marital affair. now general john alan has been drawn into the scandal after what is being called inappropriate communications with a woman also linked to the affair. he has de
tengan is covering the congress. he joins us from beijing. james? >> reporter: gene, this process is carefully choreographed and controlled. chinese authorities are generally restrictive. but the bamboo curtain really comes down during the congress. that makes the job of jury roomism that much harder. still china's political transition is one of the biggest stories going right now. so despite the controls, no media organization wants to miss out. they got up early to get in line outside the great hall of the people. journalists from china and abroad, hundreds of them, all jockeying to get a better position for the opening of the communist party's congress. journalists from around the world have converged on beijing underlying the international community's keen interest on what direction china will take with the changeover in power. chinese government officials say more than 2,700 domestic and international journalists are covering the meeting. media are trying to find out something, anything about this secretive political process. it's not easy. >> it was really difficult to get t
: using compromise could be forced on president obama? charles: we will hear the term care can down the road. that will one be here over and over again. stuart: you are saying yes. mitt romney could compromise. you are saying obama may be forced to compromise. i see a stock-market rally in either scenario. >> spending is that 20% gdp and the president will work hard to keep it as high as he can. mitt romney will work to bring that into line because he recognizeds the more you spend in the public sector the less you have in the private sector. if you want private sector jobs you got to manage government spending. it is that historical highs. it is much better for the economy that we go to the other scenario. stuart: week romney we have seen in the last couple weeks in the debate, you have watched him. you may have been at some of his speeches. is that the guy you knew? >> absolutely. he is a sophisticated guy. doesn't lose his temper certainly not in public. he is working to figure out how to push the ball down the field. that is the mitt romney i see speaking to us. stuart: did he e
soared on cyber monday. and all bets are off. prediction market entrade says it can no longer accept u.s. customers as market regulators say its trades aren't legal. shanghai composite closed below 2,000 for the first time in three years. it comes at a time when plenty have been talking up chinese growth prospects for next year. so we'll get into that more later. but 1991 is the closing level. this the main one to watch across asia. the nikkei did manage to continue it rally adding about 0.4% as the yen weakens on comments this morning. forex, the dollar-yen one to watch, 82.19 is the level there. the aussie dollar doing a little bit abouter despite that weak number on the shanghai composite. sterling is flat. we'll get into that more later. and euro-dollar just barely higher today, we did see it rallying over the 1.30 mark last night. as we look at crude rallying adding a third of a percent. brent about a quarter of a percent. copper, we're adding 0.2%. 354 bucks on that contract. the real foe you can as we continue to examine whether china's economy is fundamentally hanging in there, c
in the u.s. we'll head out to new york city later in the show for a preview of what to expect on wall street today. and more than 2,000 hand picked chinese delegates gathered at the great hall of the people to kick off the communist party week long transition. beijing will only officially reveal the next generation leaders thursday. hu jintao promised political and economic reform, but he stressed china won't abandon one party rule and will stick to the socialist path. eunice is live for us. this is his big final speech, so reading in sort of between the lines almost is very telling. it's the legacy he's trying to cath. and what less gassy is that? >> many here believe what he is saying is significant in that it is his final farewell. he really was just reading through the work report to talks about the achievements, the economic and political achievements that the party has had. and also to outline the future challenges. one of the first challenges you had already addressed is the issue of corruption. he said the government needed to do more to root it out. >> eunice, we're having tr
us from the business desk. >> we've been reporting for quite a while now on government leaders really trying to attempt to wrestle with their budgets along with international lenders and it looks like this latest effort is going to drag on until later this month. eurozone finance ministers have shelved a decision on another bailout for greece until november. they want an austerity deal with international lenders first. finance ministers from 17 countries held a telephone witness to discuss the bailout. they said greece has yet to reach agreement on specification austerity measures with its creditors. the creditors include the european union and international mown tear fund. the austerity measures are a precondition for fresh emergency loans to avoid a potential default. the finance ministers urged the greek government to reach a consensus on labor reforms. the ministers will again discuss the greek bailouts when they meet on november 12th. greece is taking that pressure from the eu seriously. the government there has submitted a revitdsed draft budget to parliament outlining yet more
here. the u.s. allegatielections and redskins lost. >> we will mention the redskins indicator, but it's true whether the u.s., china, greece, eurozone itself would make for a big week, but combine them all together, in fact it's no wonder that markets are a little unnerved. >> coming up today, plenty to get through. we're at singapore where hundyui shares are down. >> and here in london, uk pmi data will be out. the question whether it will follow an upward trend. >> and china preparing for the once in a decade political handover. we'll take a lower look at the new leadership. >> when the redskins win or lose, it has predicted the top winner since 1980. there has been a notable expossession of 1984. >> although gore did win the popular vote but not the electoral college. >> in 2000. >> that's right. >> the all-important football -- i should say american football indicator here. it points towards a romney victory. >> besides all that, plenty corporate news. hsbcs has set aside an additional $800 million in the third quarter to deal with the u.s. anti-money laundering probe. that brings
over to ramin standing by for us at the tokyo stock exchange. we saw big losses across the board for stocks globally last week. what's expected this week. >> good morning. there's some concerns for global stocks, and we see their concerns about the so-called fiscal cliff, of course, in the united states. a combination of tax increases exami and spending cuts and could push the u.s. economy into a recession as all eyes are on how that develops. here in japan, too, the nikkei was down 3.75% last week, so we saw that play into the markets as well. the gdp figure is coming at 0.9% for the july-to-september period. we'll see how that is translating into the opening levels. let's go to the opening levels for the nikkei and topix for many monday, november 12th. both indices are down by half a percent there. the nikkei closed out last week at a four-week low as the yen gained against the dollar and euro. the japanese currency rose. really investors shifting money into yen-based assets and the higher yen weighing on export issues. this is at a time when many japanese corporations are rele
minister and the u.s. secretary of state. the truce calls for an immediate halt to the fighting and reportedly aims to work towards a longer-term solution as well. >> the latest escalation in violence began just over a week ago. since then, some 140 palestinians and five israelis have been killed in air strikes and rocket attacks. >> we will be trying to go live to cairo and also to gauze in a moment, but first, let's get back to evens earlier in it -- earlier in the day that threatens to derail the talks -- we will be trying to go live to cairo and also to gaza in a moment. >> panic on the streets of televisa. ambulances rushed to the scene of the explosion. -- panic on the streets of tel aviv. the bus was burned out but not torn apart, suggesting it may have been a relatively small bomb. israel is calling this a terrorist attack. >> hamas is a murderous organization, an organization that calls for israel's destruction. anyone who negotiates with them and the prime minister's holding talks with the americans, should know who sits there in gaza, and the need to hit them in those
payout is conditional on another round of government cuts and austerity measures. >> they are driving us to poverty and hunger. is that going to make it better for greece? i don't think so. in the next three years, 200,000 people will lose their jobs just like that. >> those of austerity measures are expected to cost more than 20,000 public workers their jobs. >> for the latest, let's go now live to our correspondent, who joins us live from athens. how much time does this by greece, and what does athens need to do now? how many cuts need to be made? >> the expectations are that there will be a breathing space for greece now up until the end of the first quarter, until march of next year. the money is expected to start flowing into greece in mid- december. but one point to remember here is that much of that money has already been spent, in a sense. this has taken nine months nearly to organize this new bailout, so government departments zero lots of money to suppliers. banks have not been able to make many loans, so the money that is going to be coming initially in a sense has been alread
. closing arguments have ended in a pretrial hearing to determine whether u.s. staff sergeant robert bales will face a court- martial for allegedly slaughtering 16 afghan civilians, including nine children, in march. military prosecutors are seeking the death penalty while defense attorneys have argued that alcohol abuse, drug use, and posttraumatic stress disorder all may have played a key role in fueling his actions. the presiding officer says he'll issue a recommendation on whether to proceed to court martial by the end of the week. deadly fighting in syria reportedly left at least 63 people dead across the country tuesday, including 41 in the capital damascus. syrian tanks continue to shell the palestinian refugee camp which has seen heavy violence this month. france has become the first western country to recognize syria's newly brokered opposition coalition as the sole representative of the syrian people. the coalition was formed over the weekend at a summit in doma. at least 24 people at and killed and more than 100 wounded in a series of bombings across iraq. a multiple explosions
goals. the us bank wealth management advisor can help you. every step of the way. from big steps, to little step since 1863 we've helped guide our clients, so they can take the steps to help grow, preserve, and pass along their wealth. so their footsteps can help the next generation find their own path. all of us serving you. us bank >> tonight in this election, you the american people reminded us that while our road has been hard, our journey has been long, we have picked ourselves up. we have fought our way back, and we know in our hearts that the united states of america, the best is yet to come. stuart: he said it, you heard it. the best is yet to come. how does another term translate for the economy? the president wants take increases on the wealthy and has more leverage to do that so higher taxes as part of any deal on the fiscal cliff. then there is the point. $16 trillion now going to $20 trillion under the president's plan. ed butowksi is with us. do you agree? more taxes, more debt? >> without question. more taxes means less money to grow, less money to grow for small b
cut spending and we did, we cut $900 billion in spending that he can't like painful tos us. >> we'll continue our call to rise bol politics and make a deal. oufr guests this morning include mike jackson and also david zaslav. and the head of maris group. and douglas holtz-eakin. >> let's talk about eurozone finance ministers meeting to discuss whether to release a new tranche of fund to go greece. the leaders are not expected it to okay the funding despite greece approving a tough 2013 budget. we'll have more from ross westgate in london on all of that. japan's economy shrank, first contraction since last year. the data adding to signs of slowing global growth and tensions with china nudging the which i into recession. and yen minute's main oil export pipeline shut after it was blown up in two pieces. local news organizations didn't identify the attackers, but they've been repeatedly sabotaged. finally, iran launched a military drill across half of the country today. government warning it would act again against aggressors. >> where is your jacket? >> i decided in high spirit of r
? that was the first thing i had to work out. the second is what we all know about. how did he come to use the atomic bomb? what was behind the decision now? what's the story about the atomic bomb before he became president and then when the decision was on his desk? it still a controversial story and i wanted to know more about it. >> from his early life through his presidency, looking at the life of harry truman in "citizen soldier" and i don "q&a." >> general less thandunford is currently the second highest rated officer in the marine corps and he is president obama's choice to lead the soldiers in afghanistan. committee chairman carl levin says he hopes to have a vote on the nomination shortly after the thanksgiving recess. german eleven and other committee members also expressed their support for current afghanistan commander john allen who is being investigated for allegedly misconduct relating to the scandal that forced the resignation of cia director david petraeus this is just over 2.5 hours. >> good morning, everybody. we are meeting to consider the nomintation of general joseph dunford, jr
will join us coming up. but it is time for stocks as we do every 15 minutes let's head to the floor of the new york stock exchange. stocks are climbing higher after the two-day drop. sandra: they did not start out that way, there was fear we would have another dramatic selloff today. now we are somewhat up from about 61 points. that is not exactly a rally. bouncing back a little bit ahead of the weekend, but still the worst two-day drop in a year, 434 points loss over that wednesday and thursday. as we face a fiscal cliff, consumer sentiment one piece of economic data that came out today better than expected in november hitting a five-year high, getting a little bit of a boost in the stock market. wholesale inventories 1.1% in september, above expectations, that is adding a bit to the rally as well. they're helping us to recover from those big losses that we saw on the week. we will see how things close, still a couple of hours to go in the market has proven to be very volatile. back to you. lori: indeed. with the election behind us, and fiscal cliff taking center stage. once away f
say the central bank likely to hold off until after the federal reserve is due to meet. joining us for more is global chief officer of global equities. and head of japanese research at jpmorgan securities. i suppose the question is whether this contraction here in the third quarter will be followed by another one in the fourth. >> it looks quite likely. you've got bad news on exports continuing and you've got on on top of that now a contraction in public spending beginning to come through. the boost we got after the weak construction from the disaster, that's now bapeaking out. so public demand and economic demand likely to drag us. >> and how much is domestic relying on government support? >> the domestic private side is actually doing really differencely okay. one data point here, you find that mortgage lending is actually growing now for six or seven consecutive months and that shows you that they're opening their purse spritrings little bit. but overall you're really looking at slight contraction in the economy. >> what extra pressure does this put on the government and the ban
.1 million barrels a day. impact of hurricane sandy in the u.s., reduced, as well. crude oil supply dipped to a nine month low. so the demand being cut, patrick armstrong is where us, managing partner at investment managers. but that's clearly because of global weakness -- well, economic weakness in europe and hurricane impact. >> definitely. year over year, oil demand is up. we've had very weak economy in europe. not much growth in the united states. but i think that's the trend we'll be playing out for the next few years. >> oil 110 at the moment. is that a fair price? >> there's premium built in because of geopolitical risks. i think premium is probably justifiable. you look at wti at $23 discount to where breptd is. that's not sustainable in the long time, but given inventory levels, that will stay. >> do you keep your trade on oil? >> we have neutral position, but we're short the front month. respe respect. we make money by rolling the contracts the other way around. we're long oil in the 12 months forward rolling in to the 13th month and we end up with little more oil with that strat
that question -- the roles of our committee are you cannot use something that you learned in a classified session. i can give you my assessment based on questions, my investigation, that what susan rice did was use talking points, pulled out originally by the cia signed off by the intelligence community, those were requested by the house committee. the intelligence committee sign off of it. the key was there were unclassified talking points at an early stage. i do not think she should be pelerine for this. she did what i would have done or anybody else would have done that was going on a weekend show. you would have said what talking points can i use? you get an unclassified version. i just remember -- i just read it to the committee what i was going to tell you and questions asked. to be sure it did not violate our rules. this particularly is for people in public office because you are used to answering questions candidly to have to be restricted to what is unclassified. is very difficult for your >> did he talk about his resignation? >> [indiscernible] >> i think it is making a very div
, decline in manufacturing eased a little bit more than expected in november. joining us, chief european economist. ricar ricardo, thanks for joining us. so still a negative territory. what does this point to in terms of the economic decline for the fourth quarter? >> i think it's in line with the idea that real sgchlt dp will decline by at least 0.2%, possibly 0.3%. it will give us a negative entry point in 2013 when i expect an average growth of minus 0.2%. so still moderately recession territory. >> the german flash composite pmi 47.9, services 48, manufacturing 46.8, is germany -- we just saw the 0.2% print. is girl aermany going to have a negative contract? >> i'm looking for a contraction of minus 0.2. so only aed modest one. i expect activity will stabilize in q1 of next year, but obviously that requires a favorable external environment, meaning u.s. not going into this deep due to the fiscal cliff. and also signs of improvement in asia. >> meanwhile the french pmi says the survey there suggests a 0.7% gdp drop in quarter 4 for france. >> that seems quite large. we've seen in rece
to point that out. >> we'll consider him the leading edge. >> thank you for joining us. thank you. everybody else, enjoy the rest of your weekend. we'll see you back here on monday. "squawk on the street" begins right now. ♪ have a holly jolly christmas it's the best time of the year ♪ ♪ i don't know if there will be snow but have a cup of cheer ♪ ♪ have a holly jolly christmas ♪ and when you walk down the street ♪ >> bargain hunters starting to hit the malls across the country rushing to get in and get a jump on the holiday shopping season. will it be the strong start retailers are counting on? welcome to "squawk on the street" this day after thanksgiving. hope you had a great holiday. i'm melissa lee along with brian sullivan a sulliv sullivan. let's look at how we're up for this abbreviated session. this is historical tendency in terms of the period between thanksgiving and december 3rd. most of the time we are higher in the markets and we're seeing that play out so far in future. look at the picture in europe. a surprise increase in german business confidence the
. concretely, we must identify the bottlenecks that prevent the vast resource of the euro area being used most fruitfully. the world bank's latest doing business report highlights greece as one of ten countries that have most improved the ease of doing business from a rather unfavorable level. the momentum is clearly going in the right direction, although much remains to be done. spain and portugal were among the countries that marie solving insolvent firms easier. crucial agreement for restructuring the economy in this transition period as resources must shift from unproductive to productive activities. it is the latter that create jobs. this reallocation process, though sometimes painful in the short run, i'll say always painful in the short run, carries the seed of future prosperity. a growing body of knowledge shows that by increasing the ability of the economy to adjust so that factors can be reallocated to the most competitive firms, aggregate labor productivity can increase substantially. some studies indicate a gain of as much as 20 force 30%. the current focus on competitiveness in fr
, a veteran himself joins us with a look at the extraordinary program. david: yesterday was veterans day. now what drove the market with the "data download." a mixed day on wall street as stocks struggled for some sort of direction. up and down following the worst week for the market in months. the nasdaq closing i in the red, nostrils and telecom were the top performers while utilities and technology stocks lagged a little bit. copper rebounded from a two-month low after greece lawmakers gave the euro a boost against the dollar. closing 7638 per ton, posting a gain after five straight weeks of losses. the euro holding two-month lows versus the dollar uncertainty, weighing on the currency. hit an intraday low of $1.27 down nearly 2% against the greenback so far this month. sandra: jerry leavy to tell us what another 4% dip could be on the way and the biggest money makers, why outside the united states. very, what is the deal here? this huge selloff last week and yet before the election everybody said that the elections behind us, skip third-quarter earnings season, we will have certainty in t
. what it meant was that if the government was hoping to collect more from us than it is going to spend -- that is, the government is going to run a surplus. the rest of the world is going to take more from us than it is going to spend buying our goods and services. that drives the domestic private-sector, us, into deficit. it has to. it adds up exactly. if you have a 4.5% trade deficit and a 1% budget surplus, the private-sector is going to be in deficit 5.5%. the only way you keep the private sector in the red, above zero, is if the government deficit is big enough to more than offset the trade deficit. if the u.s. is running trade deficits on the order of 4.5% of gdp, the government deficit has to be at least 4.5% of gdp, or the private sector will fall below zero. every single time. here is the cbo forecast. this is what is projected to happen to the government deficit if we hit the cliff. this is the alternative scenario. if we hit the cliff, the projection is that the government deficit will shrink to around 2% of gdp. deficits of 2% of gdp, together with trade deficits of 4.5%, i
has won -- most of the confederacy. >> new york. >> very funny stuff. >> thanks so much for joining us. we'll be back tomorrow. erin burnett "outfront" starts erin burnett "outfront" starts right now. -- captions by vitac -- www.vitac.com >>> "outfront," the are are investors really panicking or is there something else causing the fear? and the gop licks its wounds and starts pointi ining fingers. here with us tonight, a possible 2016 candidate. and another nor'easter bearing down on the region still recovering from superstorm sandy. let's go "outfront." good evening. "outfront" tonight, markets tanked. the day after president obama wins a second term, the dow has its worst day in a year. the dow finished the day down nearly 313 points. for the first time in three months, it closed below 13,000 and when you look at the broader markets, all were down 2.5%, so is the election really to blame? "outfront" tonight, michael farr, author of restoring our american dream. good to see you. i know there were a lot of markets often go down on the day after an election and they're worry about the f
. u.s. equity futures should be interesting to look at temperature basically on hold. not sure what to do after yesterday. we'll talk more about the economy in a minute with david rosenburg. it was pretty clear yesterday that depending on how you wanted to spin it, could you say how do you do for another four years. i don't remember any euro news in the last six months no matter how bad it was, we didn't get it free handle. so there's more to it than just europe. >> it was the fiscal cliff, but also the financials got hit so hard. if it had been romney, the cliff would be less of a deal because they would stepped all of them. so now we know and we lettered it first hand yesterday. boehner said we're open to tax increase, but part of a bigger plan that involves spending cuts. dove did a bungee -- >> worst thing i ever did. >> but it goes down and then right back up. >> the worst part is you feel like you're connected on something, but don't. it's a free fall until the very he said and then he start to feel like i'm connected to something and it throws being back into the air. >> my q
in the latest incident are real. as with the target. unmanned u.s. predator surveillance graft. the incident was real. though the timing is perhaps, perhaps suspect. one week ago. six days before the u.s. election. national security correspondent jennifer griffin is following this breaking story from the pentagon. >> reporter: at 4:50 a.m. november 1, days before the u.s. presidential election, two iranian su-25 frog foot fighter jets like these intercepted and fired twice upon an unmanned, unarmed u.s. m-2-1 predator drone over the persian gulf. it's the first time the iranians ever fired on a u.s. drone. the shots missed on both attempted. iran's fighter pilots briefly pursued the drone that landed safely at an undisclosed location. >> incident occurred over international waters. 16 nautical miles off the coastline. aircraft was never in iranian air space. it was always flying in international air space. the internationally recognized territorial limit is 12 nautical miles off the coast. we never entered the 12 nautical mile limit. >> asked whether the incident was an act of war, the penta
liquidity concerns in the market martin schultz is with us. thanks for joining us. is this a sign of things to come, a big standoff with japan? >> well, it's rather surprising that a hopeful government coming in is picking a fight with the bank of japan when they're starting off. what is happening here is that it seems that the ldp doesn't really have a growth strategy right now and the frustration in industry with the strong yen and slowdown in export is tremendous about that. >> big problems if we have unfettered money printing. would there be as he also says 30 years of deflation? >> well, one of the lessons we have here is that many different monetary policies didn't work so far. we still have an economy that is in restructuring mode with many corporations. so sony, sharp, still trying to get back on their feet. on the other hand, we also have an economy that is slinging simply by aging and what would be needed would be strong growth policies and this is what the bank of japan will be pushing when he's in office. on the other hand, deflation is there, printing more yen might be helping
" gets under way right now. >>> welcome to "closing bell." bill griffeth rejoins us in a moment. no follow-through rally. stocks closing in the red on fiscal cliff fears. dow jones lower by 43 points, 12,966. nasdaq finishes higher by nearly 10, 2,976. and the s&p down almost 3%, 1406. >> the deadline for the fiscal cliff is nearly one month away. if we go over that cliff, russ says some investors are not prepared for that decline. >> he joins us now a long with michael, cnbc contributor for destination wealth management and mary thompson joins us as well. russ, you're saying it's not priced in at this point. what should we be worried about? >> it's not priced in. it's very hard to find much evidence, either from investors or the sell side that people really expect to go over the fiscal cliff. i think what that means is if we get into the end of the year and looks like negotiations are not going forward, we may not solve this before 2013, we're likely to see rise in volatility, likely to see selling. >> how bad could it be? >> if you look at what might happened, in other words,
, falling to its lowest level since july, mostly due to uncertainty about the future of the u.s. and global economies. groupon shares fell 13% after the close on earnings news. revenues were up, but the coupon company had a net lost of nearly 3 million dollars. profits were up at disney thanks to espn and growth at theme parks. and priceline is set to buy online travel company kayak for $40 per share. how low will this market go? ben lichtenstein of tradersaudio.com joins us. good morning to you. happy friday. but is this a buying opportunity here? > > i don't think so. i think basically if you try and step up right now, you're kind of trying to play "catch the knife" if you will. there has been a lot of energy to the downside. it started wednesday. we saw a continuation of that yesterday. basically closed 'em out on the lows. everything across the board literally looks weak right now. the one thing that's been just kind of crazy and doesn't really fit in with all of this is that the dollar has been sideways, right around 81 even, and that the volatility index is still holding right around
petraeus. general john allen is the top u.s. commander in afghanistan. allen is under investigation by the pentagon for alleged inappropriate communications with jill kelly. she's the tampa, florida, woman, who is said to have received threatening e-mails from petraeus's mistress. a pentagon official says allen and kelly exchanged up to 30,000 communications between 2010 and 2012. it's unclear if they were involved in sexual matters or classified information. allen will remain the u.s. commander in afghanistan for now. but these latest developments only serve to widen the scandal that has gripped the nation's capital since friday. tara mergener is in washington with more. what's the latest there? >> reporter: good morning to you. that's right. another twist in this drama. defense secretary leon panetta ordered a pentagon investigation on monday involving one of the u.s. military's biggest names. general john allen, the man who succeeded david petraeus as head of the international forces in afghanistan, is now linked to the fbi investigation involving his predecessor. >> i want to th
. the scam which brought down the c.i.a. director spread further. now it is the actions of the top u.s. commander in afghanistan called into question. failing its mandate, the bbc gains access into an internal report showing the united nations failed to protect civilians in sri lanka. >> they left actually at the moment the population needed them more than ever. the government wanted them out of the way essentially because they didn't want anyone to see what was happening. >> running the world in just a week. a marathon man on a mission that boo leave most of us in the dust. welcome to our viewers on public television in america and around the globe. bizarre. it is the only way to describe the scandal that has already claimed the job of the c.i.a. director and now has america's top commander in afghanistan under investigation. both are strange enough, but how do you explain the addition of a shirtless f.b.i. agent and 30,000 e-mails. here is the latest. >> it is a washington drama with a stellar cast. the spy chief, the top general and two women who soon found themselves at the heart o
reaffirmed egypt's commitment to the palestinian cause and a need for just resolution. u.s. secretary of state hillary clinton helped negotiate the deal. she promised to work with partners in the region. the israeli military killed about 160 palestinians during the conflict. palestinian militants fired rockets from the gaza strip that killed five israelis. prime minister netanyahu said the right thing is to reach a lasting cease-fire but he warned of a wider military operation if security was threatened. hamas leader mashau warned his forces would resume attacks if israel broke the truce. >>> people in jerusalem are wondering if the cease-fire will hold. cohey sue gee has covered the middle east for years. he was in gaza on the first day of the offensive. kohei, why did the two sides agree to this truce? >> reporter: well, thousands of rockets have been fired since israeli forces withdrew from gaza in 2005. the israelis seemed to have come to the conclusion that they succeed the in reducing the ability of hamas to attack. and i think the influence of the u.s. contributed to bringing a
>>> a new twist in the david petraeus sex scandal. this morning, the top u.s. commander in afghanistan is under investigation. the pentagon looking into alleged inappropriate e-mails between general john allen and one of the women in the center of the controversy. filling the void with the abrupt departure from david petraeus from the cia, a look at the man likely to replace him as keeper this country's secrets. >>> and sandy sales. while thousands of victims strasburg until the aftermath of hurricane sandy, the damage brought on by the storm is giving one industry a boost. this is the "cbs morning news" for tuesday, november 13th, 2012. good morning, everybody. good to be with you. i'm terrell brown. this morning, one of america's highest ranking military leaders has been caught up in the investigation that led to the resignation of cia director david petraeus. general john allen is the top u.s. commander in afghanistan. allen is under investigation by the pentagon for alleged inappropriate communications with jill kelly. she's the tampa, florida, woman, who is said to
seen it. >> we're glad you came. >> join us tonight for a special edition of "squawk box." "squawk on the street" begins right now. ♪ >>> after all of the primaries, the ads, the debates, it all comes down to you voting today. good morning. happy election day. welcome to "squawk on the street." i'm carl quintanilla with melis melissa, jim cramer, david faber. some green arrows on the dow. stocks haven't had a three-day winning streak since october 17 as they really do wonder what the end result is going to be after the polls close. as for europe, some pmi numbers coming out. a lot of the negative but some argue not deteriorating as quickly as they have been in recent months and quarters. road map this morning is a long trip from new hampshire to hawaii as americans vote today. markets awaiting the results. bear in mind, 30 million americans have already cast their ballots of early voting. how does that change today's dynamics? >> gm gets 11 billion $11 billi credit lines a sign it may buy back shares from the government. nissan and suzuki see big impact. >> tens of thousands of b
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